AGREEMENT OF JOINT FILING (BALTIC TRADING LIMITED)

Exhibit 1

AGREEMENT OF JOINT FILING

(BALTIC TRADING LIMITED)

In accordance with Rule 13d-1(k) under the Securities Exchange Act of 1934, as amended, the undersigned hereby confirm the agreement by and among them to the joint filing on behalf of them of the Statement on Schedule 13G and any and all further amendments thereto, with respect to the securities of the above referenced issuer, and that this Agreement be included as an Exhibit to such filing.  This Agreement may be executed in any number of counterparts each of which shall be deemed to be an original and all of which together shall be deemed to constitute one and the same Agreement.

IN WITNESS WHEREOF, the undersigned hereby execute this Agreement as of October 14, 2014.

	APOLLO VALUE INVESTMENT MASTER FUND, L.P.
	By:	Apollo Value Advisors, L.P.
		its managing general partner
		By:	Apollo Value Capital Management, LLC
			its general partner

		By:	/s/ Xxxxxx X. Xxxxx
			Xxxxxx X. Xxxxx
			Vice President

	APOLLO VALUE ADVISORS, L.P.
	By:	Apollo Value Capital Management, LLC
		its general partner
		By:	/s/ Xxxxxx X. Xxxxx
			Xxxxxx X. Xxxxx
			Vice President
	APOLLO VALUE CAPITAL MANAGEMENT, LLC
	By:	/s/ Xxxxxx X. Xxxxx
		Xxxxxx X. Xxxxx
		Vice President

	APOLLO VALUE MANAGEMENT, L.P.
	By:	Apollo Value Management GP, LLC
		its general partner
		By:	/s/ Xxxxxx X. Xxxxx
			Xxxxxx X. Xxxxx
			Vice President
	APOLLO VALUE MANAGEMENT GP, LLC
	By:	/s/ Xxxxxx X. Xxxxx
		Xxxxxx X. Xxxxx
		Vice President
	APOLLO SPECIAL OPPORTUNITIES MANAGED ACCOUNT, L.P.
	By:	Apollo SOMA Advisors, L.P.
		its managing general partner
		By:	Apollo SOMA Capital Management, LLC
			its general partner

		By:	/s/ Xxxxxx X. Xxxxx
			Xxxxxx X. Xxxxx
			Vice President

	APOLLO SOMA ADVISORS, L.P.
	By:	Apollo SOMA Capital Management, LLC
		its general partner
		By:	/s/ Xxxxxx X. Xxxxx
			Xxxxxx X. Xxxxx
			Vice President
	APOLLO SOMA CAPITAL MANAGEMENT, LLC
	By:	/s/ Xxxxxx X. Xxxxx
		Xxxxxx X. Xxxxx
		Vice President

	APOLLO SVF MANAGEMENT, L.P.
	By:	Apollo SVF Management GP, LLC
		its general partner
		By:	/s/ Xxxxxx X. Xxxxx
			Xxxxxx X. Xxxxx
			Vice President
	APOLLO SVF MANAGEMENT GP, LLC
	By:	/s/ Xxxxxx X. Xxxxx
		Xxxxxx X. Xxxxx
		Vice President
	APOLLO CREDIT STRATEGIES MASTER FUND LTD.
	By:	Apollo ST Fund Management LLC
		its investment manager
		By:	/s/ Xxxxxx X. Xxxxx
			Xxxxxx X. Xxxxx
			Vice President
	APOLLO ST FUND MANAGEMENT LLC
	By:	/s/ Xxxxxx X. Xxxxx
		Xxxxxx X. Xxxxx
		Vice President
	APOLLO ST OPERATING LP
	By:	Apollo ST Capital LLC
		its general partner
		By:	/s/ Xxxxxx X. Xxxxx
			Xxxxxx X. Xxxxx
			Vice President
	APOLLO ST CAPITAL LLC
	By:	/s/ Xxxxxx X. Xxxxx
		Xxxxxx X. Xxxxx
		Vice President

	ST MANAGEMENT HOLDINGS LLC
	By:	/s/ Xxxxxx X. Xxxxx
		Xxxxxx X. Xxxxx
		Vice President
	APOLLO CAPITAL SPECTRUM FUND, L.P.
	By:	Apollo Capital Spectrum Advisors, LLC
		its general partner
		By:	/s/ Xxxxxx X. Xxxxx
			Xxxxxx X. Xxxxx
			Vice President
	APOLLO CAPITAL SPECTRUM ADVISORS, LLC
	By:	/s/ Xxxxxx X. Xxxxx
		Xxxxxx X. Xxxxx
		Vice President
	APOLLO CAPITAL SPECTRUM MANAGEMENT, LLC
	By:	/s/ Xxxxxx X. Xxxxx
		Xxxxxx X. Xxxxx
		Vice President
	APOLLO CAPITAL MANAGEMENT, L.P.
	By:	Apollo Capital Management GP, LLC
		its general partner
		By:	/s/ Xxxxxx X. Xxxxx
			Xxxxxx X. Xxxxx
			Vice President
	APOLLO CAPITAL MANAGEMENT GP, LLC
	By:	/s/ Xxxxxx X. Xxxxx
		Xxxxxx X. Xxxxx
		Vice President

	APOLLO PRINCIPAL HOLDINGS II, L.P.
	By:	Apollo Principal Holdings II GP, LLC
		its general partner
		By:	/s/ Xxxxxx X. Xxxxx
			Xxxxxx X. Xxxxx
			Vice President
	APOLLO PRINCIPAL HOLDINGS II GP, LLC
	By:	/s/ Xxxxxx X. Xxxxx
		Xxxxxx X. Xxxxx
		Vice President
	APOLLO MANAGEMENT HOLDINGS, L.P.
	By:	Apollo Management Holdings GP, LLC
		its general partner
		By:	/s/ Xxxxxx X. Xxxxx
			Xxxxxx X. Xxxxx
			Vice President
	APOLLO MANAGEMENT HOLDINGS GP, LLC
	By:	/s/ Xxxxxx X. Xxxxx
		Xxxxxx X. Xxxxx
		Vice President